A downgraded forecast.
It said on Thursday that in 1Q, 2020, growth slowed to just 0.7% with efforts to flatten the curve of the pandemic through a series of movement control orders and with deep uncertainty regarding growth prospects severely constraining economic activity.
The World Bank said this forecast assumes that the spread of pandemic is broadly contained at the global level and that the massive fiscal and monetary policy support measures implemented by governments around the world limit the depth of contraction in global economic activity. The World Bank said in the near term, Malaysia’s fiscal strategy should be reprioritised to create additional policy space.
“However, efficiency could be improved, and the quantum of financial assistance provided may need to be increased to adequately protect the welfare of vulnerable households and to ensure the sustainability of affected firms.
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